VMM to be equal to MEI it would have to drill to prove up 500mt of REE plus additional drillings done on top of that. Plus whatever progress MEI has made with everything else, metallurgy, scoping study, negotiation etc. Oh and then also have $30m of cash in the bank. For what it's worth, this is how I make sense of the MC disparity between the two.
VMM better than MEI, page-47
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